Bank of America Advantage SafeBalance Banking

Would you like to read a comprehensive review of Bank of America’s Advantage SafeBalance Banking? Responsible Economy has conducted an analysis of all its features: fees, interest rates, welcome bonuses, requirements, and everything you need to know. We also provide a comparison of the top checking accounts you can open in the United States in 2023. Welcome!

Features

Now we will present to you, one by one, all the features of Bank of America’s Advantage SafeBalance Banking.

Fees

It has a commission of 4.95 dollars per month unless you meet one of the following 3 conditions:

  • Are an owner of this account under age 18
  • Are enrolled in Preferred Rewards

Minimum deposit

There is no minimum balance requirement for Bank of America’s Advantage SafeBalance Banking, but to open the account, you will need to make an initial deposit of $25.

Overdraft services

Bank of America does not impose overdraft fees on the SafeBalance Advantage Banking account. In order to assist you in avoiding overdrawing your account, transactions will be declined and returned unpaid if there are insufficient funds available.

Zelle

You can easily send and receive money with Zelle.

ATMs

Withdrawals at Bank of America ATMs have no fees and at other ATMs they have a $2.5 fee. If you withdraw money outside the United States, the commission is 5 dollars.

ATMS fee Advantage Plus Banking
ATMS fee SafeBalance Banking

Summary table

We have created a summary table with all features:

FeaturesBank of America Advantage SafeBalance Banking
Fees$4.95 per month (waived for account owners under 18 or those enrolled in Preferred Rewards)
Minimum deposit$25
Overdraft servicesNo overdraft fees; transactions declined if insufficient funds
ZelleEasily send and receive money with Zelle
ATMsWithdrawals at Bank of America ATMs have no fees; fees may apply at other ATMs
Advantage SafeBalance Banking Summary table

Fees

As we already mentioned, you have a monthly commission of 4.95 dollars unless you meet one of the following conditions:

  • Are an owner of this account under age 18
  • Are enrolled in Preferred Rewards

In addition, we show you in the following image all the commissions for each of the operations that you can carry out in the checking account:

SafeBalance Banking fees

Requirements

The requirements to open Bank of America Advantage SafeBalance Banking are as follows:

  • To be over168 years old. Those under 18 years of age must have a person of legal age as the holder of the account.
  • Reside in the United States
  • Have a American phone number

Documents

These are the documents that can be requested to open the checking account:

  • Passport if you are not a resident of the United States
  • Driving license
  • Social Security number

Pros

In the following list, you will find all the pros of Advantage SafeBalance Banking:

  • High interest rates because you can access CDs with an interest rate of more than 3,5%.
  • Bank of America has one of the best mobile banking apps.
  • Bank of America has more than 16,000 ATMs and nearly 4,000 branches in the United States-

Cons

Now is the time to show you the disadvantages in the following list:

  • It is difficult to avoid monthly commissions.
  • Low interest rates.
  • Commissions on incoming and outgoing bank transfers.

How to open Advantage SafeBalance Banking

You can open this checking account both online and in branches. We recommend that if you have any questions you go to the branch to ask a banker all the questions.

Best banks to open a checking account in 2023

Here is a comparison of Bank of America with the best banks to open a checking account:

Logo Chase
  • It is very easy to avoid monthly commissions
  • Welcome bonus of 200 dollars fulfilling conditions
  • More than 16,000 ATMs in the United States
  • $25 minimum deposit
  • Very low interest rates
Bank of America logo
  • It is very easy to avoid monthly commissions
  • More than 16,000 ATMs in the United States
  • $100 minimum deposit
  • No welcome bonus
  • High interest rates if you have a lot of savings
Wells Fargo logo
  • It is very easy to avoid monthly commissions
  • Nearly 12,000 ATMs
  • $25 minimum deposit
  • Welcome bonus of 300 dollars fulfilling conditions
  • High interest rates on CDs
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • No fees no direct deposits
  • More than 50,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs and Savings
Citibank-logo
  • Commissions of $10 if you do not meet requirements
  • No fees at Citibank ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs

Video with the best checking accounts

We have made a video with the best checking accounts you can open in the United States:

Best checking accounts in 2023

Video with all bank of America checking accounts

We have made a video with the characteristics of the checking accounts that you can open with Bank of America:

YouTube video
Bank of America checking accounts

Bank of America financial products

In the following list, you will find all the products offered by Bank of America:

Frequent question

Here we answer all the questions you may have about SafeBalance Banking:

Conclusion

After conducting our analysis, our conclusion is that Bank of America’s Advantage SafeBalance Banking account is not competitive. It has maintenance fees if certain requirements are not met, a 0% APY interest rate, and no welcome bonus. However, it is worth noting that minors under 18 years old can open this account without fees.

Learn more about Bank of America

Here you have information of interest about Bank of America:

InformationDescription
Websitehttps://www.bankofamerica.com/
Facebookhttps://www.facebook.com/BankofAmerica
Linkedinhttps://www.linkedin.com/company/bank-of-america/
Twitterhttps://twitter.com/BankofAmerica
Phone number1 (800) 432-1000
Information about Bank of America

Finally, we show you related content from Bank of America and checking accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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